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Kensington Mortgages temporarily pulls out of sub-prime

Kensington Mortgages is temporarily pulling out of the adverse credit market due to the current market conditions.

The entire Kensington adverse range will be withdrawn from close of business on Friday. To guarantee the current products adverse applications must be signed, dated and received by Kensington by close of business on Friday.

The lender will also be withdrawing its fixed rate specials and re-pricing its current core prime range by close of business on Friday with a new core prime range available from Monday.

Kensington chief executive Alison Hutchinson says: “Tough times call for tough decisions and Kensington has always communicated its decisions quickly and openly with its intermediaries. We introduced a 75% LTV cap on our Adverse range in September in direct response to the lack of investor appetite.

“Demand from investors for adverse credit or high LTV portfolios shows no sign of returning in the next few months, so we have taken the decision to put our Adverse range on ice and revamp our Prime range until the investor market returns and Kensington’s great experience in building high quality, profitable mortgage portfolios will put us in a strong position to lead the specialist market into the future.”

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